The global canopy market was valued at around USD 1832 million in 2022, and it is expected to expand to about USD 2610 million by 2030, at a compound annual growth rate (CAGR) of about 4.52% between 2023 and 2030.
Canopy Market: Overview
A canopy is a structure that is created from the top of a roof to provide shade, protection, and shelter. It is a type of architectural element that often extends beyond the standard framework and is supported by columns, beams, or other structural elements. Its major role is to enhance the visual appeal of the structure. Today’s canopies are designed to improve not only the utility but also the general aesthetic of the place in which they are installed.
For example, the entry canopy is a common type of canopy that is frequently used to cover building entrances. They provide protection from the sun, rain, and other elements for people entering and exiting the building. They can be found in a wide range of architectural contexts, including residential and commercial structures. Canopies can be made from a variety of materials depending on its intended use. They can also be mixed in a variety of ways, including forms, sizes, and patterns, which allows for product differentiation.
Canopy Market: Growth Drivers
The increased popularity of dining al fresco is the key driver of industry expansion.
Because of the growing popularity of eating outside and the corresponding increase in demand, the global market for canopies is likely to grow. This demonstrates that contemporary customers prefer outdoor sitting arrangements, particularly for events such as brunch or high tea. These types of businesses are especially common in countries where the average monthly temperature is below freezing and the majority of residents prefer to eat their meals outside rather than inside so they may enjoy the surroundings or bask in the sun. Furthermore, current revenue trends suggest that restaurants and cafés that enter into such arrangements may not need to spend much money on advertising or promotion. The resources saved can be used to improve the environment of the seating area in order to attract more consumers. Canopies have a high value-to-cost ratio because they can be utilized for a range of activities all year long in the same place, resulting in better functional qualities.
Canopy Market: Segmentation
End-user, application, material, and geographic location all play a role in categorizing canopies.
The global market is divided into two primary sub-segments: non-residential and residential applications. The commercial and industrial sectors experienced the highest increase in growth in 2022. Commercial buildings, educational institutions, transit hubs, and healthcare facilities are examples of end-users in this market segment. Despite the fact that these machines are typically used to manufacture concrete roofing, many businesses use the canopy to broaden the scope of their operations. Canopies are ubiquitous in commercial constructions such as offices, retail stores, and shopping malls, as well as in hotels and restaurants. In educational institutions, canopies are widely used to provide shade for students and employees, as well as to cover walkways and outdoor meeting areas. Residential structures are classified into two types: freestanding residences and apartment and condominium buildings.
Canopy Market: Regional Analysis
North America will witness the highest growth.
The worldwide canopy market is predicted to expand the quickest in North America due to the increasing use of various types of canopy across commercial and residential units. Because the regional population of the United States and Canada prefers to dine outside, the number of cafés and restaurants that offer outdoor seating has expanded. Canopies are also often used to promote new products or as an inquiry counter in supermarkets and other retail enterprises.
Canopy Market: Competitive Analysis
The global canopy market is led by players like:
Shade Structures Inc.
Tensile Structure Systems
Creative Shade Solutions
KE Outdoor Design
Sunair Awnings & Solar Screens
The global canopy market is segmented as follows:
Event or Large Canopy
Polyvinyl Chloride (PVC)
Ethylene Tetrafluoroethylene (ETFE)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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